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EX-32 - EXHIBIT 32 - DigiPath,Inc.exhibit32.htm
EX-31.1 - EXHIBIT 31 - DigiPath,Inc.exhibit31.htm
EXCEL - IDEA: XBRL DOCUMENT - DigiPath,Inc.Financial_Report.xls
10-K - DIGIPATH, INC. FORM 10-K SEPTEMBER 30, 2012 - DigiPath,Inc.form10k120930.htm
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REVOLVING NOTE PAYABLE AND ACCRUED INTEREST, RELATED PARTY
12 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
REVOLVING NOTE PAYABLE AND ACCRUED INTEREST, RELATED PARTY

NOTE 6 – RELATED PARTY REVOLVING NOTE PAYABLE AND ACCRUED INTEREST

On February 14, 2011, DigiPath, Inc., a Nevada corporation (“Company”), entered into a Revolving Promissory Note (the “Revolving Note”) with NYX Capital Advisors, Inc. (“NYX”) an entity owned by the Company’s President and Chief Financial Officer.   Under the terms of the Revolving Note, NYX agreed to advance to the Company, from time to time and at the request of the Company, amounts up to an aggregate of $500,000 until March 31, 2013.  All advances shall be paid on or before March 31, 2013 and interest shall accrue from the date of any advances on any principal amount withdrawn, and on accrued and unpaid interest thereon, at the rate of eight percent (8%) per annum, compounded annually.  The Company’s obligations under the Revolving Note will accelerate upon a bankruptcy event of the Company, any default by the Company of its payment obligations under the Revolving Note or the breach by the Company of any provision of any material agreement between the Company and the noteholder.  As of September 30, 2012, the outstanding principal on the Revolving Note was $300,000. As of September 30, 2012, the accrued interest on the Revolving Notes was $26,784.